Publication Date: August 15, 2016
Posted Date: August 15, 2016
Subject: Notice Inviting Institutions to Participate in the Loan Counseling Experiment
FR Type: Notice
[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)] [Notices] [Pages 54052-54056] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2016-19297] ----------------------------------------------------------------------- DEPARTMENT OF EDUCATION Notice Inviting Postsecondary Educational Institutions To Participate in Experiments Under the Experimental Sites Initiative; Federal Student Financial Assistance Programs Under Title IV of the Higher Education Act of 1965, as Amended AGENCY: Office of Postsecondary Education, Department of Education. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Secretary invites institutions of higher education (institutions) that participate in the Federal student financial assistance programs authorized under title IV of the Higher Education Act of 1965, as amended (HEA), to apply to participate in a new institutional experiment under the Experimental Sites Initiative (ESI). Under the ESI, the Secretary has authority to grant waivers of certain title IV, HEA statutory or regulatory requirements to allow a limited number of institutions to participate in experiments to test alternative methods of administering the title IV, HEA programs. The alternative methods of title IV, HEA administration that the Secretary is permitting under this ESI experiment are designed to facilitate efforts by institutions to evaluate certain innovative loan counseling practices that can prepare students to manage their college finances, inform them about their student loan repayment options, and ensure students are well-prepared to repay their loans on time. Under this experiment, participating institutions will have the flexibility to require additional loan counseling for student borrowers beyond the statutorily required one-time entrance and one-time exit counseling as a condition for the students to receive Direct Loan funds, and to customize counseling based on students' needs. DATES: Letters of Interest to participate in the experiment described in this notice must be received by the Department no later than September 29, 2016 to ensure that the Department considers the institution for participation in the experiment. Letters received after September 29, 2016 may, at the discretion of the Secretary, be considered for participation. ADDRESSES: Letters of Interest must be submitted by electronic mail to the following email address: experimentalsites@ed.gov. For format and other required information, see ``Instructions for Submitting Letters of Interest'' under SUPPLEMENTARY INFORMATION. FOR FURTHER INFORMATION CONTACT: Warren Farr, U.S. Department of Education, Federal Student Aid, 830 First Street NE., Washington, DC 20002. Telephone: (202) 377-4380 or by email at: Warren.Farr@ed.gov. If you use a telecommunications device for the deaf (TDD) or a text telephone (TTY), call the Federal Relay Service (FRS), toll free, at 1- 800-877-8339.